Special to WorldTribune.com

CAIRO — Libya has reported the loss of more than $7 billion in oil revenue amid unrest in the North African state.

Officials said Libya sustained nearly $7.3 billion of lost oil revenue from militia attacks, strikes and an export halt.

The officials also cited competition from such African markets as Algeria and Nigeria.

“We are facing a big problem because oil from Algeria and oil from Nigeria has entered the Mediterranean,” Libyan Oil Minister Abdul Bari Al Arusi said.

In a television interview on Dec. 7, Al Arusi said Libya was looking for new markets in East Asia to offset the loss.

The minister said Libya was struggling with a decline in oil output from 1.4 million to 250,000 barrels per day since July 2013.

  Abdul Bari Al Arusi, decline in oil output, Libya struggling with woes that cost $7 billion in oil revenues, looking for new markets